NHC Reports Year End Earnings
NHC Reports Year End Earnings
MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE MKT: NHC)(NYSE MKT: NHC.PRA), the nation's oldest publicly traded long-term health care company, today announced net income available to common shareholders of $49,286,000 or $3.56 per share basic for the year ended December 31, 2012, compared to $55,401,000 or $4.02 per share basic for the year ended December 31, 2011, a decrease of 11.0%. Annual operating revenues in 2012 decreased 1.6% from $773,537,000 to $761,262,000.
For comparative purposes, operating expenses for the 2011 year included a favorable result within our accrued risk reserves of $10,500,000 (approximately $6,825,000 after income taxes or $0.50 per common share basic), thus lowering the 2011 expense. Excluding this adjustment, the year ended December 31, 2012 would have reflected an increase of 4.5% in income before taxes and an increase of 1.5% in net income available to common shareholders (after taxes) compared to 2011.
Fourth quarter of 2012 net income available to common shareholders was $12,266,000 or 88 cents per basic share, compared to $12,358,000 or 89 cents per basic share in the fourth quarter of 2011, a decrease of 0.7%. Operating revenues for the fourth quarter of 2012 increased 0.7% from $192,742,000 to $194,043,000.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and include, among others, the following: liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of insurance and assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries, the ability of third parties for whom we have guaranteed debt to refinance certain short term debt obligations; and other factors referenced or incorporated by reference in the S.E.C. filings. The risks included here are not exhaustive. All forward-looking statements represent NHC's best judgment as of the date of this release.
About NHC
NHC affiliates operate for themselves and third parties 75 long-term health care centers with 9,460 beds. NHC affiliates also operate 37 homecare programs, six independent living centers and 17 assisted living communities. NHC's other services include Alzheimer's units, long-term care pharmacies, hospice, a rehabilitation services company, and providing management and accounting services to third parties. Other information about the company can be found on our web site at www.nhccare.com.
NHC Reports Year End Earnings | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
Revenues: | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Net patient revenues | $ | 180,175 | $ | 178,958 | $ | 705,386 | $ | 715,489 | ||||||||
Other revenues | 13,868 | 13,784 | 55,876 | 58,048 | ||||||||||||
Net operating revenues | 194,043 | 192,742 | 761,262 | 773,537 | ||||||||||||
Costs and Expenses: | ||||||||||||||||
Salaries, wages and benefits | 108,906 | 108,247 | 426,934 | 428,672 | ||||||||||||
Other operating | 49,420 | 50,355 | 198,691 | 198,439 | ||||||||||||
Facility rent | 9,848 | 9,992 | 39,355 | 39,736 | ||||||||||||
Depreciation and amortization | 7,624 | 7,557 | 29,792 | 28,901 | ||||||||||||
Interest | 110 | 110 | 455 | 443 | ||||||||||||
Total costs and expenses | 175,908 | 176,261 | 695,227 | 696,191 | ||||||||||||
Income Before Non-Operating Income | 18,135 | 16,481 | 66,035 | 77,346 | ||||||||||||
Non-Operating Income | 6,699 | 5,677 | 25,245 | 20,533 | ||||||||||||
Income Before Income Taxes | 24,834 | 22,158 | 91,280 | 97,879 | ||||||||||||
Income Tax Provision | (10,400 | ) | (7,632 | ) | (33,323 | ) | (33,807 | ) | ||||||||
Net Income | 14,434 | 14,526 | 57,957 | 64,072 | ||||||||||||
Dividends to Preferred Stockholders | (2,168 | ) | (2,168 | ) | (8,671 | ) | (8,671 | ) | ||||||||
Net Income Available to Common Stockholders | $ | 12,266 | $ | 12,358 | $ | 49,286 | $ | 55,401 | ||||||||
Earnings Per Common Share | ||||||||||||||||
Basic | $ | 0.88 | $ | 0.89 | $ | 3.56 | $ | 4.02 | ||||||||
Diluted | $ | 0.87 | $ | 0.88 | $ | 3.49 | $ | 3.90 | ||||||||
Weighted average common shares outstanding | ||||||||||||||||
Basic | 13,872,472 | 13,811,852 | 13,852,709 | 13,774,628 | ||||||||||||
Diluted | 14,034,532 | 16,442,767 | 16,598,816 | 16,414,023 | ||||||||||||
Balance Sheet Data | ||||||||||||||||
(in thousands) | Dec. 31 | Dec. 31 | ||||||||||||||
2012 | 2011 | |||||||||||||||
Cash and marketable securities | $ | 173,951 | $ | 146,059 | ||||||||||||
Restricted cash and marketable securities | 146,770 | 134,212 | ||||||||||||||
Current assets | 414,979 | 368,198 | ||||||||||||||
Property and equipment, net | 420,907 | 429,651 | ||||||||||||||
Total assets | 920,181 | 870,424 | ||||||||||||||
Current liabilities | 226,495 | 220,659 | ||||||||||||||
Long-term debt | 10,000 | 10,000 | ||||||||||||||
Stockholders' equity | 659,672 | 611,736 | ||||||||||||||
NHC Reports Year End Earnings | ||||||||||||
Selected Operating Statistics | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
December 31 | December 31 | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
Per Diems: | ||||||||||||
Medicare | $ | 434.47 | $ | 427.45 | $ | 430.13 | $ | 452.32 | ||||
Managed Care | $ | 408.76 | $ | 400.80 | $ | 408.22 | $ | 415.03 | ||||
Medicaid | $ | 165.68 | $ | 158.31 | $ | 159.65 | $ | 157.48 | ||||
Private Pay and Other | $ | 192.95 | $ | 183.49 | $ | 192.42 | $ | 185.96 | ||||
Patient Days: | ||||||||||||
Medicare | 118,006 | 115,000 | 478,767 | 466,325 | ||||||||
Managed Care | 33,387 | 27,899 | 124,801 | 106,489 | ||||||||
Medicaid | 270,200 | 287,798 | 1,088,944 | 1,139,880 | ||||||||
Private Pay and Other | 151,004 | 153,439 | 599,966 | 606,975 | ||||||||
572,597 | 584,136 | 2,292,478 | 2,319,669 | |||||||||
Average Per Diem | $ | 242.44 | $ | 229.49 | $ | 238.25 | $ | 236.03 | ||||
National HealthCare Corporation
Gerald Coggin, 615-890-2020
Sr. VP of Corporate Relations
KEYWORDS: United States North America Tennessee
INDUSTRY KEYWORDS:
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